Frankfort Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Frankfort averaged
6.97%
for the week of 2024-10-24, compared to the national average of
6.54% for the same period.
The average rate for the prior week (2024-10-17) was
6.47% and
one month ago for the week of 2024-09-19, the
average rate was 6.32%.
Frankfort's average rate one year ago was 8.06%.
For refis of the same type during the week of 2024-10-24, the average rate
was 6.54%.
Loan Type | Date | Rate |
---|---|---|
US 30 Year Fixed Rate | 2024-10-24 | 6.54% |
Frankfort 30 Year Fixed Rate | 2024-10-24 | 6.97% |
Frankfort 30 Year Fixed Rate Refi | 2024-10-24 | 6.54% |
Frankfort 15 Year Fixed Rate | 2024-10-24 | 5.61% |
Frankfort 15 Year Fixed Rate Refi | 2024-10-24 | 5.61% |
Frankfort 30 Year FHA | 2024-10-24 | 6.65% |
Frankfort 30 Year FHA Refi | 2024-10-24 | 6.35% |
Frankfort 30 Year USDA | 2024-10-24 | 6.39% |
Frankfort 30 Year USDA Refi | 2024-10-24 | 6.49% |
Frankfort 30 Year VA | 2024-10-24 | 5.94% |
Frankfort 30 Year VA Refi | 2024-10-24 | 6.14% |
Frankfort Top Lenders by Rates & Fees
The below table looks at the consensus average rates and fees provided by each lender, for only loans originated in the Frankfort, IN market. This includes FHA, Conventional, USDA and VA loans, as well as refis. All terms in the below chart are 30 year fixed rate. Unless noted otherwise, other data is all inclusive (FHA, ARM, 15-yr, etc.).
Frankfort Average Closing Costs & Other Stats
Frankfort, IN's 53 lenders originated 754
loans during 2023. The total origination value was $102,150,000, with an average loan value of
$135,477.
Frankfort's average closing costs are $3,670.
The top Frankfort lender as defined by loan originations is RUOFF MORTGAGE COMPANY, INC., with
52 loans originated. Their average total fees are
$2,990, which is $820
lower than the next largest lender,
Regions Bank.
The lowest fee Frankfort lenders (with over 10 loans originated) are
PURDUE FEDERAL CREDIT UNION ($1,980), First Merchants Bank ($2,739), RUOFF MORTGAGE COMPANY, INC. ($2,990), UNITED WHOLESALE MORTGAGE, LLC ($3,064) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($3,604).
The lowest rate Frankfort lenders (with over 10 loans originated) are
First Merchants Bank (6.63%), PURDUE FEDERAL CREDIT UNION (6.79%), RUOFF MORTGAGE COMPANY, INC. (6.98%), Regions Bank (7.04%) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION (7.36%).
Frankfort, IN Mortgage Market Share & Volume
Loan origination value is a good proxy for a lender's prominence within the market. The general assumption is that larger lenders will have more resources, but may spend more (and therefore charge more) on marketing and overhead expenses.
Name | 2022 Loan Value | 2023 Loan Value | % Change | 2023 Market Share |
---|---|---|---|---|
The Farmers Bank, Frankfort, Indiana | $20,970,000 | $15,905,000 | -24.2% | 15.6% |
RUOFF MORTGAGE COMPANY, INC. | $21,735,000 | $14,130,000 | -35.0% | 13.8% |
Regions Bank | $12,085,000 | $6,180,000 | -48.9% | 6.0% |
First Merchants Bank | $5,765,000 | $4,950,000 | -14.1% | 4.8% |
QUICKEN LOANS, LLC | $3,985,000 | $4,120,000 | 3.4% | 4.0% |
UNITED WHOLESALE MORTGAGE, LLC | $4,070,000 | $3,265,000 | -19.8% | 3.2% |
FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $2,630,000 | $2,850,000 | 8.4% | 2.8% |
PURDUE FEDERAL CREDIT UNION | $9,130,000 | $2,805,000 | -69.3% | 2.7% |
Centier Bank | $3,015,000 | $2,530,000 | -16.1% | 2.5% |
Merchants Bank of Indiana | $1,990,000 | n/a | 1.9% | |
THRIVE MORTGAGE, LLC | $1,435,000 | n/a | 1.4% | |
NEWREZ LLC | $260,000 | $1,345,000 | 417.3% | 1.3% |
CALIBER HOME LOANS, INC. | $3,555,000 | $1,325,000 | -62.7% | 1.3% |
GVC MORTGAGE, INC. | $1,395,000 | $1,175,000 | -15.8% | 1.2% |
MOVEMENT MORTGAGE, LLC | $280,000 | $1,165,000 | 316.1% | 1.1% |
NAVY FEDERAL CREDIT UNION | $1,100,000 | n/a | 1.1% | |
PNC Bank | $520,000 | $1,090,000 | 109.6% | 1.1% |
HALLMARK HOME MORTGAGE, LLC | $3,220,000 | $1,020,000 | -68.3% | 1.0% |
Farm Credit Mid-America, ACA | $1,255,000 | $1,015,000 | -19.1% | 1.0% |
Industrial Federal Credit Union | $800,000 | $1,005,000 | 25.6% | 1.0% |
The Fountain Trust Company | $1,175,000 | $1,000,000 | -14.9% | 1.0% |
PENNYMAC LOAN SERVICES, LLC | $420,000 | $990,000 | 135.7% | 1.0% |
Security Federal Savings Bank | $175,000 | $975,000 | 457.1% | 1.0% |
FREEDOM MORTGAGE CORPORATION | $725,000 | $845,000 | 16.6% | 0.8% |
Horizon Bank | $755,000 | $790,000 | 4.6% | 0.8% |
Prosperity Home Mortgage, LLC | $765,000 | n/a | 0.7% | |
The Home National Bank of Thorntown | $575,000 | $765,000 | 33.0% | 0.7% |
State Bank of Lizton | $185,000 | $745,000 | 302.7% | 0.7% |
Wolfe Financial, Inc | $1,045,000 | $740,000 | -29.2% | 0.7% |
Union Savings Bank | $285,000 | $655,000 | 129.8% | 0.6% |
Terre Haute Savings Bank | $645,000 | n/a | 0.6% | |
Fifth Third Bank | $300,000 | $590,000 | 96.7% | 0.6% |
1st Source Bank | $55,000 | $555,000 | 909.1% | 0.5% |
RF Renovo Management Company, LLC | $605,000 | $545,000 | -9.9% | 0.5% |
CROSSCOUNTRY MORTGAGE, LLC | $1,085,000 | $540,000 | -50.2% | 0.5% |
First Farmers Bank and Trust Company | $755,000 | $535,000 | -29.1% | 0.5% |
Old National Bank | $820,000 | $535,000 | -34.8% | 0.5% |
First Financial Bank | $140,000 | $530,000 | 278.6% | 0.5% |
INDIANA MEMBERS CREDIT UNION | $510,000 | n/a | 0.5% | |
Flanagan State Bank | $505,000 | n/a | 0.5% | |
The Huntington National Bank | $1,040,000 | $495,000 | -52.4% | 0.5% |
Bank of England | $105,000 | $480,000 | 357.1% | 0.5% |
SUCCESS MORTGAGE PARTNERS, INC. | $465,000 | n/a | 0.5% | |
Paramount Residential Mortgage Group, Inc. | $205,000 | $455,000 | 122.0% | 0.4% |
Carrington Mortgage Services, LLC | $385,000 | $450,000 | 16.9% | 0.4% |
JPMorgan Chase Bank | $1,125,000 | $450,000 | -60.0% | 0.4% |
1ST SIGNATURE LENDING, LLC | $445,000 | n/a | 0.4% | |
TOP FLITE FINANCIAL, INC. | $410,000 | n/a | 0.4% | |
LOANDEPOT.COM, LLC | $610,000 | $405,000 | -33.6% | 0.4% |
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. | $580,000 | $400,000 | -31.0% | 0.4% |
Mortgage Research Center, LLC | $1,940,000 | $370,000 | -80.9% | 0.4% |
MICHIGAN MUTUAL, INC. | $355,000 | n/a | 0.3% | |
ZILLOW HOME LOANS, LLC | $135,000 | $355,000 | 163.0% | 0.3% |
BROKER SOLUTIONS, INC. | $555,000 | $340,000 | -38.7% | 0.3% |
First Option Mortgage, LLC | $135,000 | $330,000 | 144.4% | 0.3% |
21ST MORTGAGE CORPORATION | $80,000 | $325,000 | 306.3% | 0.3% |
CMG MORTGAGE, INC. | $515,000 | $280,000 | -45.6% | 0.3% |
MJW Financial LLC | $165,000 | $280,000 | 69.7% | 0.3% |
Mr. Cooper ( Nationstar Mortgage ) | $445,000 | $280,000 | -37.1% | 0.3% |
SPRING EQ, LLC | $35,000 | $280,000 | 700.0% | 0.3% |
Discover Bank | $270,000 | n/a | 0.3% | |
PANORAMA MORTGAGE GROUP, LLC | $1,325,000 | $270,000 | -79.6% | 0.3% |
NEW DAY FINANCIAL, LLC | $175,000 | $265,000 | 51.4% | 0.3% |
TIB The Independent Bankersbank | $260,000 | n/a | 0.3% | |
PRIMELENDING, A PLAINSCAPITAL COMPANY | $75,000 | $255,000 | 240.0% | 0.2% |
The State Bank and Trust Company | $255,000 | n/a | 0.2% | |
MILESTONE HOME LENDING, LLC | $435,000 | $250,000 | -42.5% | 0.2% |
Figure Lending LLC | $80,000 | $240,000 | 200.0% | 0.2% |
LAKEVIEW LOAN SERVICING, LLC | $715,000 | $240,000 | -66.4% | 0.2% |
FAIR WAY LENDING LLC | $460,000 | $235,000 | -48.9% | 0.2% |
Blue Ridge Bank | $225,000 | n/a | 0.2% | |
ROYAL UNITED MORTGAGE LLC | $225,000 | n/a | 0.2% | |
TEACHERS CREDIT UNION | $145,000 | $220,000 | 51.7% | 0.2% |
Barrington Bank & Trust Company, N.A. | $215,000 | n/a | 0.2% | |
Plains Commerce Bank | $215,000 | n/a | 0.2% | |
RELIANCE FIRST CAPITAL, LLC | $145,000 | $215,000 | 48.3% | 0.2% |
Elements Financial Federal Credit Union | $290,000 | $210,000 | -27.6% | 0.2% |
PLAZA HOME MORTGAGE, INC. | $250,000 | $205,000 | -18.0% | 0.2% |
Truist | $205,000 | n/a | 0.2% | |
TUCKER MORTGAGE, LLC | $205,000 | n/a | 0.2% | |
AMERISAVE MORTGAGE CORPORATION | $525,000 | $200,000 | -61.9% | 0.2% |
GUILD MORTGAGE COMPANY | $200,000 | n/a | 0.2% | |
FIRST COMMUNITY MORTGAGE, INC. | $185,000 | n/a | 0.2% | |
PRIMARY RESIDENTIAL MORTGAGE, INC. | $280,000 | $185,000 | -33.9% | 0.2% |
MUTUAL OF OMAHA MORTGAGE, INC. | $300,000 | $170,000 | -43.3% | 0.2% |
AMERICAN FINANCIAL NETWORK, INC. | $165,000 | n/a | 0.2% | |
CLEARPATH LENDING | $205,000 | $165,000 | -19.5% | 0.2% |
HOMESIDE FINANCIAL, LLC | $125,000 | $165,000 | 32.0% | 0.2% |
Servion, Inc. | $340,000 | $165,000 | -51.5% | 0.2% |
OPEN MORTGAGE, LLC | $145,000 | n/a | 0.1% | |
Wells Fargo Bank | $975,000 | $145,000 | -85.1% | 0.1% |
WINTERWOOD MORTGAGE GROUP, LLC | $145,000 | n/a | 0.1% | |
Hoosier Heartland State Bank | $310,000 | $135,000 | -56.5% | 0.1% |
MID AMERICA MORTGAGE, INC. | $165,000 | $135,000 | -18.2% | 0.1% |
PLANET HOME LENDING, LLC | $290,000 | $135,000 | -53.4% | 0.1% |
USAA Federal Savings Bank | $135,000 | n/a | 0.1% | |
Bank of America | $130,000 | n/a | 0.1% | |
MORTGAGE SOLUTIONS OF COLORADO, LLC | $125,000 | n/a | 0.1% | |
The Federal Savings Bank | $450,000 | $115,000 | -74.4% | 0.1% |
American Mortgage & Equity Consultants, Inc. | $95,000 | n/a | 0.1% | |
FINANCIAL BUILDERS Federal Credit Union | $110,000 | $90,000 | -18.2% | 0.1% |
Third Federal Savings and Loan Association of Cleveland | $85,000 | n/a | 0.1% | |
Citizens Bank | $35,000 | $75,000 | 114.3% | 0.1% |
Flagstar Bank, FSB | $285,000 | $75,000 | -73.7% | 0.1% |
The Farmers and Merchants Bank | $135,000 | $55,000 | -59.3% | 0.1% |
FORUM Credit Union | $180,000 | $35,000 | -80.6% | 0.0% |
Solidarity Community Federal Credit Union | $430,000 | $35,000 | -91.9% | 0.0% |
Community First Bank of Indiana | $4,205,000 | $25,000 | -99.4% | 0.0% |
Frankfort's top lender by overall market share is The Farmers Bank, Frankfort, Indiana, with 15.6% market share. In second place, with 13.8%, is RUOFF MORTGAGE COMPANY, INC., having originated $14,130,000 in loans. In third place, with 6.0%, is Regions Bank, having originated $6,180,000 in loans. In fourth place, with 4.8%, is First Merchants Bank, having originated $4,950,000 in loans. In fifth place, with 4.0%, is QUICKEN LOANS, LLC, having originated $4,120,000 in loans.
Frankfort, IN Market Loan Reason
Loan Purpose | Originations | Total Value | Average Loan |
---|---|---|---|
Home Purchase | 383 | $70,385,000 | $183,773 |
Cash Out Refi | 116 | $13,400,000 | $115,517 |
Home Improvement | 104 | $6,570,000 | $63,173 |
Refi | 77 | $6,815,000 | $88,506 |
Other | 74 | $4,980,000 | $67,297 |
Frankfort's most frequently cited loan purpose was Home Purchase, with 383 originations. The 2nd most popular reason was Cash Out Refi, with 116 originations.
Interest Rate Frequencies
Loan Rate | Originations | Total Value | Average Loan |
---|---|---|---|
6-7% | 205 | $33,755,000 | $164,659 |
7-8% | 173 | $29,135,000 | $168,410 |
Over 8% | 117 | $11,555,000 | $98,761 |
5-6% | 45 | $6,855,000 | $152,333 |
<2.5% | 10 | $80,000 | $8,000 |
3-4% | 5 | $605,000 | $121,000 |
4-5% | 2 | $470,000 | $235,000 |
During 2023, Frankfort's most frequently originated rate bucket was 6-7%, with 205 originations.
Loan Sizing (Frankfort, IN MSA)
Loan Size | Originations | Total Value | Average Loan |
---|---|---|---|
$100,000 or less | 312 | $16,050,000 | $51,442 |
$100k-200k | 291 | $42,135,000 | $144,794 |
$200k-400k | 137 | $34,895,000 | $254,708 |
$400k-600k | 8 | $3,750,000 | $468,750 |
$600k-1000k | 4 | $2,710,000 | $677,500 |
$Over $1MM | 2 | $2,610,000 | $1,305,000 |
Frankfort's loan sizing saw the bucket of loans from $100,000 or less with 312 originations, totaling $16,050,000 in origination value.
LTV Distribution
Loan to Value | Originations | Total Value | Average Loan |
---|---|---|---|
80-100% | 267 | $51,455,000 | $192,715 |
60-80% | 89 | $15,935,000 | $179,045 |
20-40% | 75 | $5,325,000 | $71,000 |
Under 20% | 74 | $3,620,000 | $48,919 |
40-60% | 53 | $5,845,000 | $110,283 |
Over 100% | 2 | $300,000 | $150,000 |
Frankfort's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 267 originations, totaling $51,455,000 in origination value.